Income Tax Keyed to Lind
Galvin Hudson v. Commissioner
Mary Harahan obtained a judgment against Howard Cole of $75,702.12. Petitioners purchased this judgment for Mary Harahan’s estate. The cost of the judgment was $11,004. Howard Cole paid Petitioners $21,160 as full settlement of the judgment. Each Petitioner reported the profit as a long-term capital gain. The Commissioner of Internal Revenue determined that the profit should count as ordinary income.
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